Lloyd Goldman modifies $28.5M loan to Cayuga Capital in Williamsburg because of Covid

Cayuga Capital Management through the entity 87 Wythe Holding LLC as borrower signed a loan agreement with lender BLDG Management through a loan in care of M&T Bank valued at $28.5 million for 2 parcels, including the tax class office building with commercial with one to six stories (O5) at 97 North 10th Street, 79 North 10th Street in Williamsburg. The deal closed on July 31, 2020 and was recorded on November 13, 2020.
The property has 45,340 square feet of built space and available development rights.
The average loan per buildable square foot is $629.
This is the second loan modification because of Covid, with each deferring debt payments.
The DOB issued a major alteration (A1) initial temporary certificate of occupancy for the building on October 22, 2018.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 2 major renovation applications including a certificate of occupancy change (A1) filed with a total estimated value of $476,720.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
The signatory for the buyer or lender was Lloyd Goldman